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Stock price declines also after chief of communications Jonathan Friedland fired on racial comments
UPDATED: Netflix shares were hit hard on Monday, dropping more than 6% in the morning as investors apparently reacted to a string of events, including a potential trade war with China and the ousting of the director of company communications.
The decline comes after the stock hit record highs last week – closing at $ 411.09 per share on Friday – and this could reflect investors taking profit in high-flying stocks. On Monday, the stock fell 1.6% and fell 6.6% to $ 384.30 per share from 12:20 pm. AND. The Netflix stock closed at $ 384.48 per share, down 6.5%, the largest decline in the stock in two years.
The broader market indexes fell 1% to -2.6%, after the Trump administration announced that it was banning many Chinese companies from investing in the US technology sector and blocked more technology exports to Beijing, according to Wall Street. Newspaper.
Also Monday, ProSiebenSat.1 and Discovery announced a partnership for the launch of a German subscription streaming platform that would combine ProSieben's Maxdome VOD service and Discovery's Eurosport Player, representing a new challenge for Netflix in Germany.
In addition, on Friday, the director of communications, Jonathan Friedland, was fired for insensitive remarks to the race that he had held at company meetings. The news of Friedland's ouster broke out near the close of trading on June 22.
In a memo to staff, Reed Hastings, CEO of Netflix, said that "the descriptive use of the N-word by Friedland at least twice at work showed unacceptable racial sensitivity and sensitivity and did not correspond to our values as a business.
Meanwhile, the streaming giant on Sunday aired a branding ad, dubbed "A Great Day in Hollywood," during the BET Awards telecast that highlighted black artists working with Netflix.
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